A Tax Reform Can Solve the Economic Crisis

[Doctor Drivel]

Maxie, like you I am a charmer.

[Doctor Drivel]

You are clearly a racist bigot.

[geoff]

No - you have to make some silly reference to elementary particles

like "he's shown his true colour by leaving the microphone on"

[Doctor Drivel]

The woman was bigot fro sure. But the Sun interviewed her for 40 minutes and dropped her because she knew Gordon was right! Most people in Rochdale thought she was a bigot. Gordon was in tune with the people as usual.

[geoff]

In message , Doctor Drivel writes

Ha ha

you sad, sad retard

[Doctor Drivel]

Maxie, it good to you laughing. Fantastic.

[John Rumm]

Well indeed - I seems astounding that it was not foreseen long before he even came up with the idea!

But ones investment is can be paid out of gross earnings before profit. So in that respect it was almost an empty gesture (aside from giving a little more latitude on timing).

Not create the fiasco in the first place...

We started in 91, and fortunately never needed to rely on banks. So in that respect I have no realistic way of comparing. I do know however that running any business has become massively more complex with time - especially since labour started their non stop fiddling.

Even then you are probably on a hiding to nothing.

I wonder what would be the reaction to a change in IHT, such that the rate is reduced along with the threshold? Say 5% tax on everyone's entire estate?

[John Rumm]

But he is strange...

[The Natural Philosopher]

I'm running a business now

Interest rates may be low but ask a bank for an overdraft and its better than being a stand up comedian

[Tony Bryer]

Without thinking about it for more than a few seconds, the problem this gives you is that if the IHT rate is way below other tax rates it makes sense for older people to hold on to what they have and leave it in their wills. Suppose your father has built a business which is still growing and owns most of the shares which he intends to pass to you. Under the current regime it's probably best for him to give you the annual allowance each year rather than a chunk of his estate being taxed at 40%; with a 5% rate, best he holds on to his shares rather than giving you a latent CGT liability.

We don't have any IHT in Australia; I am no expert on this, but my understanding is that when you die any assets sold by your executor are subject to CGT just as if you were still alive and selling them yourself; where an asset is transferred to a beneficiary (e.g. the shares in the above example), for CGT purposes the person inheriting is assumed to inherit the original cost and acquisition date, so again when they sell it's as if the person they inherited from was selling.

[Tony Bryer]

1993 I had a £5000 OD with TSB, and as was the norm for companies this had been given on the back of a personal guarantee. Out the blue I got a letter saying that the OD facility was being withdrawn at the end of the month, that as guarantor I would have to produce the money .. but not to worry, they'd advance it to me as a personal loan at 29.9% APR.

[The Natural Philosopher]

In 1993 I bought a house, for cash, at an all time low price. Magic!"

I started a business, with cash. No over draft. People were actually prepared to work for salaries we could afford to pay!

Its those whinging borrowers who were stuffed.

Real Men don't need debt.

[Doctor Drivel]

Yes, Labour got it right and made matters easier for business and people.

Take note of people who have been there and got the T shirts. The Tories were a total shambles, and have been in all their administrations. They put it about they are the "party for business". There is no poof of that whatsoever. Both parties pandered to the CBI in artificially keeping down wage cost, rigging the free market. That is viewed by the naive as being good to business. British industry has a record of using cheap labour at home and in the colonies - they know no better. Land is rigged massively, creating an artificial land shortage, which also skews the free market. That is Capital and Labour are rigged in classical economics which does not allow the free market to function properly. CAPITAL & LABOUR.

And people want the Tories in!! The naive shadow cabinet goes to a few schools - in this day and age - what you see in a banana republic. Only sycophants vote Tory.

[Doctor Drivel]

Labour is good to business.

Banks are not good to business.

[Doctor Drivel]

That means exploitation, as wages were artificially kept low by the Tories.

[Doctor Drivel]

To a Chav I would be as do have tattoos.

[Man at B&Q]

[e-mail]...

Indeed, but still not quite the effect some would have you believe. At tleast to those of us who were intelligent enought to spot what was happening and act on advice given at the time.

MBQ

[John Rumm]

Labour would like to think so, but as usual have lost all contact with reality. Businesses of all types however seem to disagree based on their experience.

[John Rumm]

Do you have one with your name on it, so that you don't forget?

[Doctor Drivel]

Labour is so.